We all have preconceived notions about money, and we ought to take some time to ask where they come from. For many of us, the answer is our parents. Our early childhood experiences influence many of the opinions we have about savings, debt, investing, and more. For example, how did your parents plan a vacation? And what might have been your subconscious takeaway?
- Did they do spur of the moment trips? Big purchases can be made on a whim.
- Did they never take you on vacation? Money is scarce. You should only spend money on practical things.
- Did they tell you a year in advance that you were going? When planning something big and expensive, it’s important to have time to plan.
Ask yourself –
- Was money discussed in our family?
- Did my parents teach me about budgeting and how to save?
- What did we do differently than our peers (more vacations, less eating out, etc.)?
The answers to these questions may help uncover solutions to financial management and more financial freedom.
Disclaimer: Alex Voorhees and Reston Wealth Management do not provide legal, accounting or tax advice. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified investment, tax or legal advisor. The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) or strategies may be appropriate for you, consult your financial advisor prior to investing. No strategy assures success or protects against loss. You should consider the investment objectives, risks, charges and expenses of any investment carefully before investing.